London-based financial services company TransferGo announced on Wednesday that it had started to support blockchain-powered transfers via Ripple. The service allows real-time money transfers to India from any European country.
Daumantas Dvilinskas, founder and CEO of TransferGo, commented:
“We’re delighted to be one of the first companies in the market to offer our customers real-time money transfers.”
“By using Ripple’s revolutionary blockchain technology, we’re able to establish real-time communication between us and our banking partners in India, allowing TransferGo customers to send money to family and friends or make international payments immediately,” he added.
Ripple is the most widely known SWIFT alternatives leveraging blockchain technology. It allows almost real-time processing compared to the 2-3 days required for money transfers via SWIFT.
Besides its real-time money transfer option, which implies a small fee, the company is also launching a free service to be available for the same Europe/India channel. Based on Ripple’s network, the free service will process transfers within 2-3 days with a mid-market rate.
Europe-to-India is a channel that supports billions of US dollars in transfers, which makes Ripple the right choice thanks to its fast payments feature.
Marcus Treacher, senior vice president of Customer Success at Ripple, said:
“At Ripple, we believe blockchain technology has the power to make money move as quickly as information moves today. TransferGo is a great example of a forward-thinking payment provider that’s leaning in to new technology to facilitate real-time, cross-border money transfers for their customers. That’s a big step forward.”
TransferGo was launched in 2012 and provides digital remittance solutions focused especially on migrant workers. The system relies on a digital account-to-account model, and is available in most European countries, India, the US, Canada, Australia, the Philippines, South Africa, Hong Kong, Israel, and Russia. The service supports 22 fiat currencies.
At the end of July, we reported that TransferGo had launched a cryptocurrency trading service, allowing users to trade Bitcoin (BTC), Bitcoin Cash (BCH), Ethereum (ETH), Litecoin (LTC) and Ripple (XRP).